Terraform Labs explains that the arrest warrant for CEO Do Kwon by South Korean prosecutors is an overreach by the authorities. wall street journal report September 28th
The WSJ, citing a Terraform statement, wrote that a company spokesperson claimed that the failed Luna crypto assets were not securities and South Korea’s capital market law did not cover them.
According to reports, a spokesperson said:
“This case is highly politicized and shows that the actions of South Korean prosecutors are unfair and do not support the fundamental rights guaranteed under South Korean law,” he said. believes.”
Terraform Labs added that public pressure may have forced prosecutors to broaden the definition of securities. According to the company, Luna is not a security.
“Despite a change in interpretation that may have been recently adopted by South Korean financial officials, Luna Classic was not and never was a security.”
Terraform did not disclose Kwon’s whereabouts
The cryptocurrency firm has refused to disclose Kwon’s whereabouts, citing attempts to break into his residences in South Korea and Singapore. is a problem.
South Korean officials said Kwon was fugitive and uncooperative. The country recently put Terra’s founder on Interpol’s red notice.
On the other hand, Mr. Kwon denies these allegations, saying that he is “cooperating and not on the run.” The company has defended itself across several jurisdictions, he said.
Terra co-founder testifies before South Korean lawmakers
According to local media, Terra co-founder Daniel Shin will testify before the South Korean parliament. report.
According to the report, crypto industry representatives such as Dunamu CEO Lee Sirgoo, Bithumb chairman Lee Jeong-hoon, Tchai Holdco general manager Shin Hyun-Seung, and DSRV Labs CEO Kim Ji-Yoon have also been on a three-week long year. I plan to participate in the next state. audit. A congressional audit will begin on his October 4th.
